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25 May, 2015

Ten Powerful Business Ideas for Young Entrepreneurs

By Sally Yolanda, an Overdrive Contributor

Times are good for entrepreneurs with innovations in technology fuelling the way to great advances. To be an entrepreneur, one needs to think outside the box and think on their feet. The best way to develop this is to inculcate creative thinking in youngsters.

If you are planning to get started on the entrepreneurship pathway or are already on the way, there are some great and powerful ideas that can help you establish a solid base and gain ground:

Find your business idea where your passion lies. Most successful business ideas arise from understanding where your passion lies. If you know where your passion lies, you will be sure to find great marketing ideas. If you have a passion for kids, think about something which can help or enhance their lives. If your passion is in the creative world, think of something which can be used to express your creativity in a way that makes it relevant to people.

Write down your idea. When you discover such an idea, write it down and give form to it. It should be written down so that it can come to fruition.

Mobile is in. The world of mobile has been spreading its tentacles far and wide. Mobile is in. Mobile apps are a big industry in the making. Advertising through mobile apps can generate a lot of revenue. Try making your idea mobile compatible and get an app designed for it; then you can take advantage of the lucrative market. The mobile market is growing. As of now, there are around 800,000 apps in the market and the potential customer base is 1.2 billion.

Tourism and travel related opportunities are on the rise. Hence, business ideas in this area, related to new and novel ways of adventure and travel, would be a big hit. Make your idea something that can be connected to the tourism and travel industry. Fun and frolic will never go out of fashion.

Think big, think growth. When you are setting up your business, do your research so that you can visualise growth. Compare to similar competitors and understand their growth profile. The idea should have definite potentialities for growth.

Online businesses. E-commerce and internet based marketing are very popular. Setting up your online business is not a great deal as long as you have determined a viable idea and you understand the nitty-gritty’s of e-commerce.

Environment friendly businesses. The trend in the world is towards shunning practices which destroy environment and cause harm to human beings. If you have ideas which are connected to protecting and conserving the environment and helping people, you definitely can use them for that next business goal.

Political and Social Issues. As an entrepreneur, you have the power to do the right thing in a very uneven world. You can work to restore the balance. You can do this by supporting issues which can make a difference in the lives of people. You can be a social or political entrepreneur. Put your money where it can bring hope and support. For example, you can run an organisation which is looking into the immigration issue, and help them out with their legal issues.

Look for rare openings. A good entrepreneur keeps an eye out for opportunities in areas where there seem to be none or few.

Trim where needed. A slim sized, effective and productive organisation is much better than an over-sized, overstaffed and inefficient one. Make cuts where needed. Keep the resources and staff required to ensure optimum functioning of the organisation.

Sally Yolanda has been an educator with Amridge University and is presently associated with Assignment Help UK as an Academic Counselor. She provides help with assignments to students, guides them with their curriculum, and helps them in their personal and professional development.